NEW YORK (TheStreet) -- Shares of United Technologies were gaining in early-morning trading on Tuesday as the company reported better-than-expected 2016 third-quarter results and upped its full-year earnings forecast.
Before today's opening bell, United Technologies posted earnings of $1.76 per diluted share, beating Wall Street's expected $1.66 per share.
Revenue grew 4% year-over-year to $14.35 billion, topping analysts' estimated $14.29 billion.
In 2015, the Farmington, CT-based building systems and aerospace industries technology company earned $1.61 per diluted share on revenue of $13.79 billion.
United Technologies now expects to report 2016 earnings in the range of $6.55 to $6.60 per diluted share vs. its prior range of $6.45 to $6.60 per diluted share.
Analysts surveyed by FactSet are looking for adjusted earnings of $6.57 per share.
Company CEO Gregory Hayes said they boosted its 2016 earnings outlook as a result of organic growth in its aerospace units.
United Technologies maintained its full-year revenue forecast of between $57.0 billion to $58.0 billion. Analysts surveyed by FactSet are expecting $57.2 billion in revenue for the year.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates United Technologies as a Buy with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, growth in earnings per share and increase in stock price during the past year. The team feels its strengths outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here: UTX